Ontario takes additional steps in title protection push

FSRA approves first two credentialing bodies to grant certifications allowing use of financial advisor and financial planner titles

Ontario takes additional steps in title protection push

The Financial Services Regulatory Authority of Ontario (FSRA) has authorized FP Canada and Advocis' Institute for Advanced Financial Education (IAFE) as the first two credentialling bodies in Ontario for the use of the titles Financial Planner and Financial Advisor.

These FSRA-approved credentialing bodies can provide FSRA-approved credentials that allow anyone to use these titles in the province.

Huston Loke, Executive Vice President for Market Conduct at FSRA, stated, "Officially being able to use the Financial Planner or Financial Advisor title will make it easier for these individuals to communicate their value to consumers and validate their education and expertise."

"Consumers will also have confidence that the individual they are dealing with has a minimum standard of education, is being actively supervised and is subject to a complaints and discipline process," he added.

Each FSRA-approved credentialing organization will be expected to take responsibility in monitoring and enforcing the behaviour of their respective Financial Planner or Financial Advisor credential holders.

FSRA mandates that credentialing bodies have effective supervisory systems in place, as well as a code of conduct that requires credential holders to prioritize the interests of their clients and ensures that customers are treated fairly.

"FP Canada welcomes the approval by FSRA as a credentialing body to grant and oversee Financial Planner title use,” said President & CEO for FP Canada, Tashia Batstone, who highlighted the Certified Financial Planner and Qualified Associate Financial Planner designations as “excellent opportunities for those interested in a career in financial planning to develop the skills and competencies to best serve the needs of all Canadians.

"As a professional body working in the public interest, we strongly support the Financial Professionals Title Protection Act and the benefits it brings to consumers in the form of increased clarity and confidence. We look forward to working with FSRA under this important new framework," she added.

"We are pleased that our subsidiary - the Institute for Advanced Financial Education - has been approved as a credentialing body and look forward to playing an active role in raising the professional bar in Ontario," said Greg Pollock, President & CEO of Advocis, The Financial Advisors Association of Canada.

"We'd also like to thank the Government of Ontario and the Financial Services Regulatory Authority of Ontario for recognizing the importance of title protection and taking the necessary first steps in better protecting consumers,” Pollock said. “We hope to see other provinces follow their lead."